Shares of NetApp Inc. (NASDAQ:NTAP) reached a new 52-week high and low on Thursday . The stock traded as low as $77.75 and last traded at $77.22, with a volume of 127398 shares trading hands. The stock had previously closed at $76.53.
Several research firms have weighed in on NTAP. BidaskClub upgraded NetApp from a “buy” rating to a “strong-buy” rating in a research note on Friday, June 8th. DA Davidson upgraded NetApp from a “neutral” rating to a “buy” rating and set a $66.00 price target on the stock in a research note on Thursday, February 15th. BMO Capital Markets boosted their price target on NetApp from $63.00 to $73.00 and gave the company an “outperform” rating in a research note on Friday, April 6th. Pivotal Research upgraded NetApp from a “hold” rating to a “buy” rating and boosted their price target for the company from $62.00 to $72.00 in a research note on Wednesday, April 4th. Finally, Deutsche Bank boosted their price target on NetApp from $40.00 to $43.00 and gave the company a “sell” rating in a research note on Thursday, May 24th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $65.69.
The firm has a market capitalization of $20.25 billion, a price-to-earnings ratio of 25.92, a PEG ratio of 1.78 and a beta of 1.25. The company has a quick ratio of 1.86, a current ratio of 1.89 and a debt-to-equity ratio of 0.75.
NetApp (NASDAQ:NTAP) last released its quarterly earnings results on Wednesday, May 23rd. The data storage provider reported $1.05 earnings per share for the quarter, topping analysts’ consensus estimates of $1.01 by $0.04. The company had revenue of $1.64 billion during the quarter, compared to analysts’ expectations of $1.60 billion. NetApp had a return on equity of 33.87% and a net margin of 1.29%. NetApp’s quarterly revenue was up 10.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.86 EPS. research analysts predict that NetApp Inc. will post 3.54 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 25th. Investors of record on Friday, July 6th will be issued a $0.40 dividend. This is a boost from NetApp’s previous quarterly dividend of $0.20. The ex-dividend date is Thursday, July 5th. This represents a $1.60 dividend on an annualized basis and a yield of 2.06%. NetApp’s dividend payout ratio is presently 26.76%.
In other NetApp news, VP Joel D. Reich sold 23,108 shares of the stock in a transaction that occurred on Tuesday, May 29th. The stock was sold at an average price of $67.72, for a total transaction of $1,564,873.76. Following the completion of the transaction, the vice president now owns 52,997 shares of the company’s stock, valued at $3,588,956.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Gerald Held sold 4,000 shares of the stock in a transaction that occurred on Wednesday, June 6th. The shares were sold at an average price of $73.99, for a total value of $295,960.00. Following the transaction, the director now directly owns 11,391 shares of the company’s stock, valued at approximately $842,820.09. The disclosure for this sale can be found here. Insiders sold a total of 115,389 shares of company stock valued at $7,904,558 in the last ninety days. 0.47% of the stock is currently owned by insiders.
Institutional investors have recently made changes to their positions in the business. Moneta Group Investment Advisors LLC raised its holdings in shares of NetApp by 441.0% during the first quarter. Moneta Group Investment Advisors LLC now owns 1,650 shares of the data storage provider’s stock valued at $102,000 after acquiring an additional 1,345 shares during the last quarter. Fortis Advisors LLC acquired a new position in shares of NetApp during the first quarter valued at approximately $127,000. Tower Research Capital LLC TRC raised its holdings in shares of NetApp by 227.3% during the fourth quarter. Tower Research Capital LLC TRC now owns 3,286 shares of the data storage provider’s stock valued at $182,000 after acquiring an additional 2,282 shares during the last quarter. Wetherby Asset Management Inc. acquired a new position in shares of NetApp during the fourth quarter valued at approximately $224,000. Finally, Brighton Jones LLC acquired a new position in shares of NetApp during the fourth quarter valued at approximately $234,000. 91.21% of the stock is owned by institutional investors and hedge funds.
NetApp Company Profile
NetApp, Inc provides software, systems, and services to manage and store computer data worldwide. It offers flash; flash arrays that support data management; hybrid arrays to deploy the speed of flash storage; hybrid cloud; ONTAP cloud storage data management service; NetApp cloud sync hybrid data management Software as a Service; NetApp private storage for cloud; and AltaVault cloud-integrated solutions.
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